India's tolerance, openness its biggest economic strength: Raghuram Rajan

Agencies
September 8, 2017

New Delhi, Sept 8: India's diverse multicultural society and tradition of tolerance is its greatest strength, and will be the basis of the country's economic strength in future, former RBI Governor Raghuram Rajan said on Thursday.

"Our greatest strength comes from being a tolerant, open society," Rajan said at the release here of his book "I do what I do", which is based on the speeches he delivered as the Reserve Bank of India (RBI) Governor during 2013-16.

"This tolerance and openness will be our greatest economic strength in future, especially given the kind of service and innovative economy we want to be," he said.

"We should be extremely careful not to lose this... definitely there are threats to tolerance...Eternal vigilance is the price to pay for liberty," he added.

Rajan's comments come in the backdrop of the nationwide outrage and protests over the murder of journalist-activist Gauri Lankesh in Bengaluru earlier this week.

Elaborating on the issue, Rajan, the only RBI Governor since Independence who did not have his term renewed by the government, said: "Every authoritarian regime comes to a turning point when it has to answer the question of how to increase growth."

In 2015, a lecture Rajan had delivered as RBI Governor created controversy because of his reference to the growing intolerance in the country.

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News Network
June 4,2020

New Delhi, Jun 4: India on Thursday witnessed a record single-day spike of 9,304 coronavirus cases taking the country's tally to 2,16,919, according to the Union Ministry of Health and Family Welfare.

The ministry informed that 260 more deaths due to coronavirus were reported in the last 24 hours.

The total number of cases in the country now stands at 2,16,919 including 1,06,737 active cases, 1,04,107 cured/discharged/migrated and 6,075 deaths.

Maharashtra has so far reported 74,860 cases, more than any other state in the country.

In Tamil Nadu, 25,872 cases have been detected so far while Delhi has reported 23,645 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 1,39,485 samples were tested in the last 24 hours whereas 42,42,718 samples have been tested till date.

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Agencies
June 15,2020

Nuapada, Jun 15: In a shocking incident, a 70-year-old elderly woman had to drag her 100-year-old bedridden mother on a cot to the nearby bank to withdraw pension money of Rs 1,500.

The incident came to light after a video of the woman dragging her bedridden mother on a cot to a bank in Odisha's Nuapada district went viral on social media.

The woman from Bargaon village dragged her mother on the cot after the bank official allegedly asked for physical verification. The incident took place on June 9.

"I went to the bank several times in last three months and requested the bank official to release the pension amount. However, the official informed that they would release the pension if I bring my mother to the branch," said Punjimati Dei.

Bank manager Ajit Pradhan allegedly asked Dei to bring her bedridden mother Labhe Baghel to the bank.

Her mother is an account holder under Jan Dhan Yojana of the Central government.

The Centre had announced Rs 500 monthly assistance for women Jan Dhan bank account holders from April to June in view of the COVID-19 situation.

A district administration official informed that the woman reached the bank with her mother before the manager could visit her home for the verification.

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Agencies
March 9,2020

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

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